Key Insights:
Donald Trump has released his third set of his NFTs a day ago on Dec 13, 2023. The announcement was made on Trump's Truth Social account. The NFTs are priced at $99 each and carry rewards if a user collects a certain number of NFTs.
Despite a slump in the NFT Markets, Trump has already earned $9 million from his NFTs alone.
The third set of NFTs launched by Donald Trump features his mugshot in reference to his arrest and indictment by the US authorities.
Trump was arrested on August 24, 2023 on the charges of overturning an election in Georgia in 2020. These were the fourth round of criminal charges against him other than Capitol Hill incident, involvement of Russia and obstruct official proceedings.
The Mugshot NFTs are a reference to that arrest made on Aug 24, 2023, which Trump has categorized as vendetta against him. These NFTs can be bought at Trump's NFT website.
The NFT markets are going through their worst phase as sales volumes have plummeted to almost zero.
The below chart from Dune shows that from $1.4 billion weekly sales in April 2022, the NFT sales volume has dropped to about $197 million weekly sales. This marks a one-seventh fall in NFT volumes
Though the graph also shows that NFT sales volumes have begun to recover, yet it will be a long and tough road ahead.
One more observation of the current markets is that Blur has dominated the NFT sales volumes with a sales volume of $148 million in weekly sales.
The reason for this recent recovery can be associated with the overall market gains in crypto which has been on the back of capital inflow, hopes of Bitcoin and Ethereum ETF approvals, and finally with a focus on utility based products.
This growth can also be seen in other Web3 markets such as DeFi, where Cardano has already crossed pre-crypto winter levels. Even Bitcoin prices are at 18 month highs.
The main reason which ensures success for Donald Trump's NFTs are his genius marketing tactics. He uses his popularity to drive his NFT sales.
Donald Trump has already been a popular TV figure and a successful businessman. With business acumen he knows how to market himself.
His activeness in social media yielded him a huge fan following on Twitter before he ultimately got banned from the platform.
Data shows that he is also the most popular candidate from the Republican Party in the upcoming 2024 US Presidential Elections.
Though the account is now restored, he refused to come back. Meanwhile Donald Trump had already launched his own social media network called Truth Social. The recent NFT sales were declared by Trump's Truth Social account.
Trump has also been a pro-business person which adds to his personality.
Further, the interest rate cuts by the US Federal Reserve, that badly hit crypto markets and led to the failure of several Web3 businesses was done under Joe Biden. This has helped show Trump as a better alternative against Biden.
All of these contribute to a figure of Donald Trump which shows him as a crypto-friendly president. Also there is a chance that if he wins the 2024 elections, his NFTs will appreciate in value by a large factor.
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